MEANWHILE, IN THE CAPITALIST WORLD:

The European Parliament on Wednesday approved a free trade agreement between Japan and the EU, covering 635 million people and almost one-third of the world's economy.

Dubbed the world's largest free trade agreement, the EU-Japan Economic Partnership Agreement will remove duties on almost all agriculture and industrial products as well as open up the service sector and procurement. It also moves to eliminate non-tariff barriers to trade.

"Almost five centuries after Europeans established the first trade ties with Japan, the entry into force of the EU-Japan Economic Partnership Agreement will bring our trade, political and strategic relationship to a whole new level," European Commission President Jean-Claude Juncker said.

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